“The process that Sears Canada is following offers no protection for the retirees' pension losses, and Sears Canada now also seeks to cut off retiree health and life insurance benefits,” said Andrew J. Hatnay, Partner at Koskie Minsky LLP. “This is a totally unacceptable situation for Sears retirees who earned their pensions and benefits during their employment service for the company.”

“Sears retirees have been raising the alarm about the financial collapse of Sears Canada with the company and the Ontario government for over five years. The company is now insolvent, the pension plan is underfunded and retirees are exposed to pension and benefit losses,” he said.